WBMS: Copper Metal Balance in Deficit Until February

SEATTLE (Scrap Monster): The trade statistics published by the World Bureau of Metal Statistics (WBMS) indicate that global copper market recorded marginal deficit during the initial two-month period of the current year. The global copper market recorded deficit of 83 kt during this period. This follows a deficit of 479kt recorded during the whole of the previous year.

The reported copper metal stock stood higher by 110kt, when compared with end-December 2021 levels. The net deliveries into Shanghai warehouses were 120.8kt. The Comex stocks witnessed increase by 2.8kt.

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The world copper mine production from January to February this year totalled 3.44 million tonnes, slightly higher by 2.8% when compared with the first two months of 2021. The global refined copper output too recorded modest increase over the previous year. The refined production totalled 4.0 million tonnes, marginally higher by 0.7% when compared with the previous year. The WBMS report notes that significant increases were recorded in China, where production rose by 71kt.

The global copper demand edged higher by 4.7% in Jan-Feb ‘22 to 4.081 million tonnes, than the total recorded during Jan-Feb ’21.

The monthly refined copper production totalled 1,957.3kt in February 2022, whereas the demand totalled 1,944.5kt.